What is the term for a deliberate action to lower loss frequency or severity?

The correct answer is the term "Risk Control." This term encompasses various strategies and measures that are intentionally implemented to manage risks effectively, aiming to reduce either the frequency of losses or the severity of losses when they do occur. By engaging in risk control practices, individuals and organizations can create safer environments, mitigate potential hazards, and ultimately protect their assets and resources.

In the context of insurance and risk management, risk control can include actions such as implementing safety protocols, conducting regular maintenance on equipment, training employees, and enforcing compliance with regulations. These actions proactively address risks before they result in an incident, thereby reducing overall exposure to loss.

The other options pertain to different aspects of risk management. "Risk Transfer" refers to shifting the financial burden of risk to another party, typically through insurance. "Loss Prevention" focuses specifically on efforts designed to prevent loss, which is a component of risk control but does not encompass the broader strategies that risk control covers. "Risk Assessment" involves identifying and evaluating risks but does not imply actions taken to mitigate them.